FINCEN PUBLISHES NEW CDD FAQS

On August 3, 2020, the Financial Crimes Enforcement Network (FinCEN) published three new Frequently Asked Questions (FAQs) regarding Customer Due Diligence (CDD) requirements for financial institutions.

  • The new FAQs clarify the regulatory requirements related to:
    • Obtaining customer information;
    • Establishing a customer risk profile; and
    • Performing ongoing monitoring of the customer relationship.
  • The new FAQs are in addition to those that were published on:

For further information regarding customer due diligence requirements, including the Customer Due Diligence Requirements for Financial Institutions, please see FinCEN’s CDD webpage.

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